Daily Gold Update

Source: Marketwatch

New York— Gold prices, which just reached a new record high above $1,060 an ounce Thursday, will top $2,000 in a decade, according to Jim Rogers, a famed investor known for his bullish calls on commodities. Rogers, speaking Thursday at the sidelines in a conference held by ETF Securities in New York, said gold prices will keep rising as a protection against a weaker U.S. dollar. The dollar "is a terribly flawed" currency, he said. "Foreign debts are increasing rapidly every year, and I don't think Washington seems to care."

Rogers, chairman of Rogers Holdings, said prices of other commodities, such as oil, copper, and sugar, will continue to rise in the long term as the world will face more demand but shrinking supplies. "There was very, very few new production capacity brought on line in the past 30 years for commodities," he said. "We have shortages developing throughout the world." Demand, meanwhile, is on the rise, especially from Asia, he said. "Thirty years ago, the last time we had a bull market in commodities, Asia was not in the game," said Rogers, who moved from New York to Singapore in late 2007. "And now they are all trying to live like we do." See full story.